question for melanie if we couldnt pay the full amount of our iva over the term we have left due to working hours being cut what would happen to the amount outstanding on the monthly payments we would of paid before do they add it on at the end or does it get written off.
Hi
If your reduced payments had been agreed by your creditors at a variation meeting without the need for an extension then your IVA will end at the five years mark.If you have not has the reduced payments agreed then the shortfall will usually be added to the end of your IVA.
Regards
Andy is right. If you cannot continue to make payments at the agreed level, you could ask for them to be reduced and you may then need to extend the term of the arrangement to pay a little more in, but this is not always the case.
